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1 Jun 2020 07:00
1 June 2020
Begbies Traynor Group plc
Acquisition
Expansion of operations in Scotland
Begbies Traynor Group plc (the 'company' or the 'group'), the business recovery, financial advisory and property services consultancy, announces the acquisition of a portfolio of 503 Scottish personal insolvency cases*, including a team of five fee earners, from Grant Thornton UK LLP.
The acquisition will increase the group's existing operations in Scotland, which provide corporate and personal insolvency together with restructuring advisory services, through an existing team of 36 partners and staff. The new team will operate from our Glasgow and Edinburgh offices following the acquisition. The acquired cases will be added to our existing Scottish personal insolvency portfolio of c.1,500 cases*.
The acquisition is for an initial consideration of £0.25m and additional contingent consideration of up to £0.25m, subject to fee income generated from the case load post completion. The consideration will be payable from the group's existing financial resources. The team has typically generated annual fee income of c£0.6m pa.
* comprising sequestrations, trust deeds and debt arrangement schemes
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
"The acquisition of this team and cases will enhance our existing strong insolvency team across Scotland and I am very pleased to welcome them to the group. As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and through acquisitions."
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 4588
(Nominated Adviser and Joint Broker)
David Tyrrell / Sunil Duggal / Angelos Vlatakis
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 07734 769359
Reg Hoare / Katie Hunt / Florence Mayo begbies@mhpc.com
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